Background:
Following nearly 16 years of military rule, a new constitution was adopted in 1999 and a peaceful transition to civilian government completed. The new president faces the daunting task of rebuilding a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, the OBASANJO administration must defuse longstanding ethnic and religious tensions, if it is to build a sound foundation for economic growth and political stability.(Source: CIA – The World Factbook)